This book revisits John Kenneth Galbraith's classic text The Affluent Society in the context of the background to, and causes of, the global economic crisis that erupted in 2008. Each chapter takes a major theme of Galbraith's book, distils his arguments, and then discusses to what extent they cast light on current developments, both in developed economies and in the economics discipline. The themes include: inequality, insecurity, inflation, debt, consumer behaviour, financialization, the economic role of government ('social balance'), the power of ideas, the role of power in the economy,...

Offering a compelling critique of orthodox economic analysis in the public realm, Mike Berry exposes the lack of development in economic thinking in public policy since the economic crisis of 2008. Focusing on both the ethically unacceptable outcomes of recent public policy and the threat of populism and rising nationalism, this book offers noteworthy suggestions for an alternative social democratic future. Both students and practitioners of heterodox economics and public policy will find this a compelling insight into the ethical concerns and social impacts raised by the political ascendency...

Morality and Power offers a compelling critique of orthodox economic analysis and its impacts on public policy. Mike Berry argues that the theoretical underpinning of evaluative tools like cost-benefit analysis rests on an incoherent concept of `efficiency' derived from Paretian welfare economics. Beginning by reviewing the historical progression of economic thought, Berry argues there has been a lack of crucial development in economic thinking in public policy since the economic crisis of 2008. The ethically unacceptable outcomes of the current public policy approach are exposed: most...